The Ledger Nano S, Product Overview

Nowdays, the worth of a Bitcoin is over $14,000. There are many people trading and storing their Bitcoins in online wallets, phones or computers. These online services and devices are hacked easily by many fraudulent activities.

Jack Macfee, an antivirus company funder addressed in BLOCKCHAIN MONEY in London: “Have you ever visited porn sites?There are many pron side owners receiving payment from hackers and setting threat codes in websites. When visitors click these links, the browsers of poor victims will be downloaded spyware and keylogger without permission. When they find out about hacked, it’s too late.”

The Ledger Nano S is a hardware wallet, used to store your private key. It is working on an isolated environment, follow the instructions on the screen and verify a transaction by operating the physical buttons, even if your computer or phone has been infected, you’re able to connect with these devices and send or receive Bitcoins. There are many cryptocurrencies supported by the Ledger Nano S, Ark, Bitcoin, Bitcoin Cash, Dash, Dogecoin, Ethereum, Ethereum Classic, Expanse, Komodo, Litecoin, Neo, PivX, PoSW, Stellar, Stratis, Ubiq, Vertcoin, Viacoin, XRP, a.k.a Ripple, Zcash and ERC20 tokens. The firmware has been updating and releasing permanently by the Ledger company, users are able to update for getting the latest features and keeping the highest security.

Compare the Ledger Nano S with online wallet and software wallet

Comparison

Hardware
Wallet

Software
Wallet

Online
Wallet

Private key stored in an isolated device

Yes

No

No

Is wallet immune to virus

Yes

No

No

Multiple Cryptocurrencies supported

Yes

No

Yes

Isolated from infected computer

Yes

No

No

Recovery the lost private key

Yes

No

No

Convenient transacation

No

Yes

Yes

Encrypted wallet by secure mechanism

Yes

No

Yes

Connect internet permanently

No

Yes

Yes

Paid wallet

Yes

No

No

Setting the Ledger Nano S Step by Step

To configure the Ledger Nano S device

1. Prepare the Recovery Sheet for 24 words recording

2. Connect to a computer with the USB cable.

3. Press both buttons to begin

4. Press both buttons to begin configuration

5. Press right button to configurea new device

6. Press both buttons to set pin code

7. Press left button for decreasing value or right button for increasing value, press both buttons and confirm a number

8. Press both buttons to confirm pin code again

9. Repeat step.5 and complete pin code setting

10. Press both buttons to collect and record 24 recovery phrases on the Recovery Sheet

11. Press right button to next word or press left button to the previous word

12. After complete 24 word record, press both buttons to next step

13. Press both buttons for recovery phrase confirmation

14. Choose a right word as system requirement, press both buttons to confirm the word

5. Select Bitcoin application on device and press both buttons for confirmation

6. The Ledger Nano S will be detected by your system and access to the Bitcoin management

7. Choose the Bitcoin and select a wallet you would use ( LEGACY or SEGWIT )

Bitcoin is available to transfer between LEGACY and SEGWIT.

The transaction fee of SEGWIT is lower than LEGACY.

LEGACY is supported by most exchanges and online wallets in the world.

SEGWIT is supported by96 websites recently, but for long-term usage, SEGWIT will be the mainstream of Bitcoin activities.

8. Enter Ledger Wallet Bitcoin page and choose My account

9. Click SEND for transferring Bitcoins

10. Set the amount of Bitcoin, Bitcoin address you would send to, Account and Transaction Fees ( I recommend the standard option ).

11. Click SEND button, the page will be shown and waited for a transaction confirmation

12. Read and follow the instructions on screen for a transaction validation

13. Confirm the transaction with the Ledger Nano S, the page will be shown the information

14. Follow the instructions on screen and disconnect from the application

Receive Bitcoins

1. Set the Ledger wallet bitcoin chrome application ready
2. Open the application￼ on chrome browser and wait for the device connection
3. Connect the Ledger Nano S device to your computer
4. Enter pin code on the Ledger Nano S and access to the application page
5. Select Bitcoin application on device and press both buttons for confirmation
6. The Ledger Nano S will be detected by your system and access to the Bitcoin management
7. Choose the Bitcoin and select a wallet you would use ( LEGACY or SEGWIT )
8. Access Ledger Wallet Bitcoin page and click RECEIVE

9. The RECEIVE BITCOINS page will be shown up, the receiving address or QR code is used to receive Bitcoins from somebody

10. The transaction will be taken about 10-30 minutes

Restore a private key from a new Ledger Nano S step by step

1. Prepare the Recovery Sheet you recorded 24 words

2. Connect to a computer with the USB cable.

3. Confirm the WELCOME message on screen and press both buttons to begin

4. Press both buttons to begin configuration

5. Press left button to access the recovery mode

6. Press right button to confirm the process

7. Press both buttons to set pin code

8. Press left button for decreasing value or right button for increasing value, press both buttons and confirm a number

9. Press both buttons to confirm pin code again

10. Repeat step.5 and complete pin code setting

11. Press both buttons to perform recovery phrase verification.

12. Press both buttons to select the number of words

13. Select 24 words and press both buttons for confirmation

14. Follow the instructions and enter each word with the Recovery Sheet you recorded

15. After complete 24 word verification, the Ledger system will be configured and restored your private key and information.

Conclusion

About 6 months ago, I was defrauded by a scammer, he accessed my Blockchain account and transferred 0.5 BTC away, I was watching the transaction in progress but can’t do anything. If I had had a Ledger Nano S and stored my Bitcoins, even if the scammer accessed my computer, I would have had a chance to keep my Bitcoin.

I hope you enjoyed this review and if you have any question about the Ledger Nano S or want to leave your own personal review, leave a comment below.

Post navigation

38 comments

Hi Eli, I am amazed by this. I am new and still learning about cryptocurrency and I’ve recently just set up an online wallet. I have a very small amount, almost negligible Satoshis, and I thought that it’s just the way it should be. Now with an actual hardware wallet, it definitely feels safer. Thank you for this very comprehensive review and for opening up my knowledge on this matter. I shall greatly consider this. Thank you again =)

Hi Jr,
If you stored Bitcoins in an online wallet, please keep in mind that you just save less than $100 worth of Bitcoins.
Because you will never know when the online wallet will be hacked and lost Bitcoins.
Having a Ledger Nano S is a better way to keep your Bitcoins than others.
Have a nice day.

Hi Gifty,
I am glad that my review is helpful to you.
Having a high secure device to save Bitcoins is the most important thing for Bitcoin users.
Because you never know when your computer or online services will be hacked and lost your Bitcoins.
If you were interested in how to improve your system security, please read my another article.
You won’t be confused how to secure your system.https://widecoinworld.com/dr-web-antivirus
Have a nice day.

This makes actually owning any bitcoin seem more realisitic for me – having its own little special wallet to put it in that no one can hack into. thanks for the very detailed analysis of how to use this product that will keep the crytocurrencies safe.

Hi Penelope,
Thank you for your feedback.
The Ledger Nano S likes your personal wallet. Without your permission, no one can take Bitcoins away.
It is more secure than software wallet and online wallet.
When you started using Bitcoins, please take a Ledger Nano S.
Have a nice day.

Sorry to hear about your experience losing 0.5 BTC I can see why you are promoting a better way to store Bitcoin and related currencies.
The Leger Nano, it really does appear to me as a better mouse trap so to speak.
I really enjoyed how easily your images and video were able to display how to effortlessly work the devise. I most certainly will look into this item when I need to store Bitcoins.
Thanks!

Hi Mike,
Thank you for your feedback.
There are more and more fraudulent activities in the world, you need not only to improve system security for trading Bitcoins online but to have a high-secure hardware wallet to store your Bitcoins.
Because hackers are more patient than people. They get targets, analyze targets. When the time is right, targets are hacked and lost money.
If you were going to have Bitcoin, the Ledger Nano S would be your best choice.
Have a nice day.

Hi Marcus,
Actually, cell phones are easier to be hacked than computers. There are many software wallets for cell phones, but they are not safe for your Bitcoins.
If you purchased the Ledger Nano S, it is able to be connected to your cell phone directly.
For Android and iPhone, please click this link
You will be able to manage your Ledger Nano S with your cell phone.
Have a nice day.

Hi Nake,
To have a Ledger Nano S for Bitcoins storing is an essential condition for a long-term Bitcoin storing.
If you have any question about system or wallet security, please feel free to contact me.
Have a nice day.

Wow, you really went in depth on everything about bitcoins. To be honest, I had no idea that it was possible to actually be compromised by just having an online wallet. I can’t even imagine how many times it must happen. Do you think the market for bitcoin will increase in the upcoming decade?

Hi Jasmere,
Yes, I think it will increase in the upcoming decade.
Nowadays, there are more and more countries accepting to trade with Bitcoins, more and more people trading goods or services with Bitcoins.
It is an unstoppable trend.
But on the other hand, there are more and more fraudulent activities are working in the world.
Having a high-security hardware wallet to keep your Bitcoin is the most important thing you have to keep in mind.
People may be defrauded by hacker or scammer, computers may be infected by viruses.
As long as you don’t press a physical button on the Ledger Nano S, your Bitcoins will be kept in your pocket.
Have a nice day.

Wow, this is a great product. Always relied on online wallets till now for my bitcoins and was definitely worried about hackers. A hardware wallet will definitely reduce my hacker worries and I will definitely get one. Thanks for the great info.

Hi Maggi,
Thank you for your positive feedback.
As my analyzed with hardware wallet, online wallet and software wallet.
The Ledger Nano S is a better choice for storing your Bitcoins in high security.
You may be defrauded by hacker or scammer, computers may be infected by viruses.
As long as you don’t press a physical button on the Ledger Nano S, your Bitcoins will be kept in your pocket.
Have a nice day.

Wow. Just Wow! I knew that bitcoin wallets could be hacked, but I didn’t know to what extent. This article is very informative for me. As with most new things, it takes a couple of cycles to work out the kinks and problems, and this sounds like that has happened for cryptocurrency.
Much Appreciated!

Hi Jay,
Thank you for your positive feedback.
There are many issues on storing Bitcoin in online wallet or computer.
Because they are hacked easily by viruses or internet cyber attacks.
If you want a secure environment to store Bitcoins, the Ledger Nano S would be the better way for you.
Have a nice day.

Great product Elih! it would be great for any personal business documentation, as it leaves an encryption blocking hackers from being able to steal valuable data.
I will definitely think about purchasing one!

Hi Jeremy,
Thank you for your positive comment.
Nowadays, there are more and more hackers and scammers trying to attract users and to make them download suspicious software.
Users not only have to install a strong antivirus for system protection but need a high-secure Ledger Nano S to store Bitcoins safely.
Have a nice day.

Wow I really need to start paying more attention to this whole bitcoin thing. I thought it was kind of a passing fancy that was started by a small group of people. Now I see that the price is going up, up, up and I still do not understand it. I do understand the value of your post and the Ledger Nano S, and I will be looking into the currency more now that I have read your post and can see that having a bit of a safety net will improve my experience. Thank you!

Hi Irma,
Thank you for your positive feedback,
If you want to understand the details of Bitcoin, please read my another article.https://widecoinworld.com/aboutbitcoin
You will understand the Bitcoin and how to improve your system security.
Have a nice day.

Hi Jacob,
Thank you for your comment.
Many Bitcoin users don’t understand how to improve their computer security and protect their Bitcoins.
I hope that visitors will be able to get good tips from my article and have better experiences on the Bitcoin journey.
Have a nice day.

Hi Eli,
Great to know about this, man. I have some cryptocurrency and am very excited about the recent ‘explosion’! If you have some recommendations on which cryptocurrencies to buy, I would love to hear all about them. What do you think of bter.com (now gate.io)?

Hi Clark,
There are many altcoins simulated the Bitcoin in the world.
These altcoins have different features and purpose.
I am focusing on how to have a secure environment to store Bitcoins and altcoins.
If you have any question about system security, please feel free contact me.
I will be glad to help you.
Thank you.

Thank you for the great step-by-step information. I have been hearing of bitcoin for a few years but was very skeptic about it, and now it went up sky high! Now it went too high that I am again skeptic that going into it now could be too late, so I am on hold of this investment at this time.

Since I am not following bitcoin as much, I did not realize how technology has advanced in cryptocurrency. Cybersecurity is definitely a must to keep up current.
This step-by-step instruction will surely help any who need to have this device.

Thanks for putting all this information together, Eli. I have tinkered around with other crypto-currency wallets and they usually require jumping through hoops to achieve nothing. I will give this wallet a shot!

Hi Joseph,
Thank you for your comment.
The Ledger Nano S supports many cryptocurrencies.
The user is able to manage maximum 5 cryptocurrencies with a Ledger Nano S.
If you would like to manage over 5 cryptocurrencies, you would have more Ledger Nano S devices for altcoin management.
Have a nice day.

Hi, Leche,
I am glad that you are interested in Bitcoin.
Nowadays, the fraud problem has increased higher than before in the world.
Having a secure device to store cryptocurrencies is the most important concept.
If you want to have a good bitcoin journey, please use the Ledger Nano S for your bitcoin wallet.
Thank you.